GM, Ford and Stellantis Shares Rise Amid Auto Workers Strike
September 15 2023 - 10:29AM
Dow Jones News
By Denny Jacob
Shares of General Motors, Ford Motor and Jeep-maker Stellantis
rose in early trading Friday following a strike by the United Auto
Workers union at all three Detroit car companies.
GM shares rose 2%, Ford ticked up 0.8% and Stellantis edged up
1.1%.
UAW officials initiated the walkout after failing to clinch new
labor deals with the automakers for about 146,000 U.S. factory
workers. Bargaining went late into Thursday night, but the two
sides remained too far apart to avoid a walkout at the 11:59 p.m.
ET deadline. The union has never conducted strikes across all three
companies in its 88-year history, according to UAW President Shawn
Fain.
As of Wednesday, the companies had offered wage increases of
17.5% to 20% over more than four years, short of the union's
mid-30% demand, Fain said. Other issues also remain sticking
points, such as cost-of-living adjustments and retiree medical
benefits.
A Ford spokeswoman called the union's latest demands
unsustainable, and said the company was committed to reaching an
agreement. GM said it had made an unprecedented offer and was
disappointed by the UAW's actions. Stellantis also expressed
disappointment, saying union leaders refused to engage in a
responsible manner.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
September 15, 2023 10:14 ET (14:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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